Earlier this week, an investment manager named Michael Burry made waves when he issued an apocalyptic forecast: Index funds, he said, are in a bubble similar to the housing bubble that ended very badly in 2008. Burry couldn’t say when that crash will happen but noted ominously: “The longer it goes [...]
My broker
I'll never forget my first interaction with Wall Street. I was in my early 20s, just getting started in my career, when I was introduced to a stockbroker—let's call him Eddie. He was a pleasant fellow with a good reputation and all of the trappings of success, including a DeLorean in the driveway. [...]
Measure for measure
As the old saying goes, there are lies, damned lies and statistics. And then there is investment performance, which may deserve a category of its own. This topic came to mind recently when I saw a press release heralding the accomplishments of a retired non-profit executive. Among the claims: [...]
An obscure story worth understanding
A little while back, The Wall Street Journal ran an article with a puzzling title: “How China Pressured MSCI to Add Its Market to Major Benchmark.” Like a lot of market news, this arcane-sounding story came and went without much notice. But it is worth pausing to understand what it was all about, [...]
Priceless
Suppose you walked into a restaurant, and they handed you a menu without prices. Would you conclude that: (1) Everything is free (2) Something funny is going on I doubt anyone would choose option 1; it defies logic. Yet, this is how the 401(k) industry routinely operates, and large numbers [...]
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